CFPB Targets Mobile Usage

The bureau is investigating how financial services providers use mobile technology to serve low-income consumers.

By Nicholas Ballasy|June 12, 2014 at 07:02 AM|Originally published on Cutimes.Com

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The CFPB is seeking information about the ways consumers are using mobile financial services to manage their finances and access products.

The CFPB’s specific areas of interest include access for the underserved, customer service, real-time money management and data breaches.

“The Bureau is seeking information on what kind of information companies are collecting on consumers, whether it is being disclosed to consumers, and how that information is being used for low-income consumers in particular. The Bureau is also examining whether data breaches are more common on mobile devices as compared to traditional computers,” said the CFPB request for information.

The CFPB is also looking to assess the potential impact of mobile technologies on the availability and location of bank branches. In addition, the bureau is seeking information on potential consumer protection issues related to the use of mobile technology for financial services by “economically vulnerable consumers.”

“The information from the responses will be used to inform the Bureau’s consumer education and empowerment strategies related to developments in these areas,” said the CFPB request for information.

When responding to the CFPB’s questions, the bureau has asked the public to include how the product, service or technology is marketed to consumers and which population it is targeting.

The CFPB also would like respondents to explain the challenges associated with reaching the intended target audience, particularly low-income populations and the economically vulnerable.